Tower increases stake in National Pacific Insurance to more than 93%

Tower Ltd. said it acquired an additional 22% stake in subsidiary National Pacific Insurance Ltd. from its second-largest shareholder for about NZ$3.4 million in October.

The deal brings Tower's total holding in the unit to more than 93%. The insurer intends to purchase the remaining stake it does not own from minority shareholders through a compulsory acquisition as allowed under National Pacific Insurance's governing documents and local laws.

Tower CEO Blair Turnbull said the full acquisition of the subsidiary will allow the company to streamline its New Zealand and Pacific operations.

As of Oct. 29, US$1 was equivalent to NZ$1.40.